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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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In a statement of cash flows, receipts from sales of property, plant, and equipment generally are classified as:

  1. a. investing activities
  2. b. selling activities
  3. c. operating activities
  4. d. financing activities

To determine

Identify the classification of the receipts from sales of property, plant, and equipment in the statement of cash flows.

Explanation

Statement of cash flows: This statement reports all the cash transactions which are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period. Statement of cash flows includes the changes in cash balance due to operating, investing, and financing activities.

Operating activities include cash inflows and outflows from business operations. Hence, this option is incorrect...

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